can't open current account :-(

emma_lewis84

Dear All

My boyf can't get a current account or switch card due to poor credit history (despite having paid all his debts for over a year).
He had a CCJ 9 years ago.

He opened a basic account with Nationwide 8 months ago, and they told him after 6 months he could upgrade to Switch card but now they won't let him.

I think his poor credit history is exacerbated by his ex girlf who has even worse credit rating than him.

We are trying to build a future, looking to get mortgage etc - what can he do do get credit?!? He earns decent money, steady job, is on electoral roll etc...feel like we've tried everything! =Feels like he's being treated very unfairly.

We got his credit report and there is nothing outstanding.
We are moving in together in Jan, I am going to pay rent as I don't think he's pass credit score with Landlords - it all seems so silly - I have £15,000 student debt and people would throw money at me if I wanted it - it's silly.

what can we do???

tom188

He could try getting a Vanquis, Capital One Initial or Aqua credit card. They all charge sky high interest charges but if you clear the card every month this is not a problem, and will help build a positive credit history.

Anecdotal evidence suggests its easier to get a debit card on a new Natiowide application than an existing one.

He may also want to look at his credit reports (£2 each), to get any records of terminated financial relationships updated and see if theres anything else lurking.

Paul_Varjak

emma_lewis84 wrote:

He opened a basic account with Nationwide 8 months ago, and they told him after 6 months he could upgrade to Switch card but now they won't let him.

I suspect they told him that they could only reconsider any application for a debit card after six months - not that he would get a debit card after six months! Nationwide are very cautious and will not give a debit card to anyone with even just one black mark on their credit history.

emma_lewis84 wrote:

I think his poor credit history is exacerbated by his ex girlf who has even worse credit rating than him.

Maybe he should check with the credit reference agencies and ask them to "disassociate" him from his ex-gf if there is no financial relationship between them.

emma_lewis84 wrote:

We got his credit report and there is nothing outstanding.

But, historically, I assume the credit file does show problems? And how has he managed his Nationwide bank account? Any unauthorised overdrafts (even if now cleared)?

emma_lewis84

Thank you for your help.
tom188, I think he does need to build positive credit, but I assume (?) he would get refused from any credit card applications due to 'black marks' on his credit history...he defaulted payments on an old Barclacard and Egg card - both debts have long since been paid off.
The last thing I want him to get is marks of refused applications on his credit history - I have heard they look bad on your credit score?

How would he go about 'dissassociating' himself financially with his ex gf? Could she be partly responsible for his bad credit? (They had a joint mortgage and a couple of joint loans) She has a terrible credit rating and is very fond of store cards...eek.

Since he has has his Nationwide account, he has never been overdrawn, or had less than £10 in his account...ironically enough he has opened a savings account with them and been consistantly saving but they don't seem to take things like that into consideration!!!

P.S. I love this website! xox

tom188

He could try getting a Vanquis, Capital One Initial or Aqua credit card. They all charge sky high interest charges but if you clear the card every month this is not a problem, and will help build a positive credit history.

These cards are designed specifically for high risk people (particularly vanquis) with problems in the past. The interest charges are sky high but that does not matter if you pay off in full every month.

He can check with Equifax, Experian, Call Credit (for £2 they will provide him with the contents of his credit file) to see whether his ex is still listed as a financial associate of his. If she still is he can ask them to ammend the file to remove this association.

emma_lewis84

tom188 wrote:

These cards are designed specifically for high risk people (particularly vanquis) with problems in the past. The interest charges are sky high but that does not matter if you pay off in full every month.

Fab...we will try that...he would have no problem paying them off and it would help him build good credit...I just hope his application doesn't get refused :-s


He can check with Equifax, Experian, Call Credit (for £2 they will provide him with the contents of his credit file) to see whether his ex is still listed as a financial associate of his. If she still is he can ask them to ammend the file to remove this association.

He got his credit report and his ex is still listed as financial associations (as it brought up their old mortgage etc)...how would he go about removing her? Just by phoning Equifax?

Thank you so much xx

moonlightpjs

Try Citibank - my credit history is really terrible and I have just been accepted for a full current account with Visa debit card and cheque book. Godd luck!!!

emma_lewis84

I'm just really scared of him applying for credit cards and/or bank accounts and getting refused (again) as I know that looks bad...

Gosh this is all very confusing!! xxx

Rafter

Emma,

He should talk to a manager at Nationwide too. Just because 'computer says no' doesn't mean that you can't appeal and ask someone to look at the actual circumstances rather than an artificial score produced by a computer scorecard.

Get rid of any financial associations though - from what you say the other stuff really shouldn't count against him too much after this much time.

R.

sofa_surfer

emma_lewis84 wrote:

I'm just really scared of him applying for credit cards and/or bank accounts and getting refused (again) as I know that looks bad...

Gosh this is all very confusing!! xxx

After 6 months it will not matter much; after 12 months the 'footprints' from the searches is gone from yhe credit file - you 'have all the time in the world'

emma_lewis84

Rafter wrote:

Get rid of any financial associations though - from what you say the other stuff really shouldn't count against him too much after this much time.

R.

Sorry to be asking lots of questions...how does he dissasociate himself with past financial associates? By writing to Equifax?

Thanks for all help xx